Macy’s Inc (NYSE: M)
Macy’s wasn’t off to the best of starts in the market today. In fact, with the bell, the stock made a run into the red. However, that didn’t last long. The stock started to spike as rumors broke that the company may be taken over, prompting our partners at Trade Ideas to alert us to the gains. At the moment (9:54), M is trading at $29.15 per share after a gain of $0.26 per share (0.90%) thus far today.
M Gains On AMZN Takeover Rumor
As mentioned above, Macy’s wasn’t off to the best of starts in the market, following up on the recent declines that we’ve seen. However, a rumor started to break shortly after the open, causing the stock to make a small spike upward. That rumor was that Amazon (AMZN) is interested in taking the company over. However, the rumor didn’t offer a potential price on the takeover.
It is important to keep in mind that this is a rumor, and a very vague one at that. While we do see these types of rumors in the market quite often, very few of them ever come to fruition. In this particular case, we don’t believe that there is any validity to the rumor.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on both M and AMZN. In particular, we’re interested in seeing if there is any validity to the rumors. Of course, we don’t believe that there is. However, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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